The government has decided on a tax rebate program to stimulate the economy. Suppose that you receive $700 and you spend 70% of this, and each person who receives what you spend in turn spend 70% of what they receive, and this process continues indefinitely. What is the total amount spent (to the nearest dollar) that results from this government action? Total amount spent =
The government has decided on a tax rebate program to stimulate the economy. Suppose that you receive $700 and you spend 70% of this, and each person who receives what you spend in turn spend 70% of what they receive, and this process continues indefinitely. What is the total amount spent (to the nearest dollar) that results from this government action? Total amount spent =
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.57TI: What is the total effect on the economy of a government tax rebate of $1,000 to each household in...
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Transcribed Image Text:The government has decided on a tax rebate program to stimulate the economy. Suppose that you receive $700 and you spend 70% of this, and each person who
receives what you spend in turn spend 70% of what they receive, and this process continues indefinitely. What is the total amount spent (to the nearest dollar) that
results from this government action?
Total amount spent =
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